DREYFUS PREMIER NEW YORK
MUNICIPAL BOND FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 021/611SA985
SEMI-ANNUAL REPORT
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DREYFUS PREMIER
NEW YORK MUNICIPAL
BOND FUND
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MAY 31, 1998
(reg.tm)
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Premier New York
Municipal Bond Fund for the six-month reporting period ended May 31, 1998 as
shown in the following table:
ANNUALIZED
TOTAL RETURN* DISTRIBUTION RATE**
---------------- -------------------
Class A Shares 3.94% 4.27%
Class B Shares 3.67% 3.97%
Class C Shares 3.48% 3.73%
Economic Review
In recent months, economic developments overseas began to assert a more
vigorous influence on the U.S. economy. The first quarter of the 1998 calendar
year saw the U.S. trade deficit rising to a new high. Exports contracted due to
reduced foreign demand for U.S. products. This resulted in a marked rise in
business inventories that could create a drag on future production as stockpiles
are depleted. At the same time, imports surged. Spurred by a strong U.S. dollar
and robust consumer spending, the increase in cheaper imports helped dampen
domestic inflation, since American producers had to restrain their prices in
order to remain competitive. The suppressive effect of the trade deficit on both
domestic production and prices has been fortuitously in concert with the
direction of Federal Reserve Board (the "Fed" ) monetary policy.
The financial difficulties that began in Asia last year have now spread to
Latin America and beyond. That tenuous situation, and the continued economic
instability in Russia, have certainly contributed to the Fed's status quo policy
in monetary matters, since the Fed is likely concerned that any increase in
short-term interest rates would further unsettle world markets. The last
increase in short-term rates came in March 1997 when the Federal Open Market
Committee (the policy-making arm of the Fed) raised the target rate for Federal
Funds by one quarter of a percent to 5.5%. (The Federal Funds rate is the rate
of interest banks charge each other for the use of Federal Funds.)
Consumers, spurred by real wage gains and a healthy job market, continued to
spend freely in the retail sector, giving retailers some of their best months in
a decade. In the early years of the current eight-year economic expansion, the
retail portion of our economy at times had lagged, since consumers feared job
insecurity and a resurgence of inflation. The buoyant stock market, low
unemployment rate and absence of inflation, however, encouraged consumers to
spend. The market for so-called "big ticket" items has been strong: the housing
market was solid throughout the reporting period and continues to be, while car
and truck sales are at ten-year highs.
Unemployment (4.3% at the end of the reporting period) is at a 28-year low.
Inflation, at both consumer and producer levels, has been dormant. Workers are
benefiting from having their wages rise faster than inflation. The most recently
reported statistics on hourly wages (through April) revealed that over the
previous 12 months, wages rose 4.4% while the Consumer Price Index increased but
1.4% . The tight labor market and upward pressure on wages, because of their
potential for rekindling inflation, have been major concerns of the Federal
Reserve. The wage rate increase of 4.4%, noted above, compared to 3.7% and 3.1%
in the two previous years, illustrates the upward creep of wages.
Over the past few years, gains in worker productivity (output per hour of
work) have offset any incipient price pressures from rising wages. Enhanced by
the widespread use of technology, productivity rose 1.7% last year and 1.9% in
1996, compared to an average increase of only 1% for the period 1974-1995. These
gains are a key factor in the continuation of our high-growth, low-inflation
economy. However, productivity gains slowed to 1.1% during the first quarter,
the slowest pace in over a year. So far, our economy has been in a charmed
circle, where even international financial crises have proven supportive of our
economic policies. As always, we remain alert for warning signs that the
delicate balance that now prevails in the economy might be disturbed.
Market Environment
The market environment for bonds has been very constructive. During the last
six months, yields on long-term, high-grade tax-exempt bonds have declined
marginally, while U.S. Treasury bond yields fell by over one-quarter of a
percent. Certainly, it has been the uncertain impact of the Asian financial
crisis that has kept the Fed from pushing rates higher despite strong domestic
economic data. Spurred by the drop in rates, the issuance of new municipal
securities surged during the last several months. In fact, the volume of new
issuance in 1997 rose 20% over the previous year, marking it as one of the most
prolific years of issuance in history. So far, 1998 is on course to eclipse last
year's pace: through May, volume is up 50% from the previous year.
We believe that it is still too early to draw any conclusions regarding how
much the Asian crisis will impact the U.S. economy. Until a clearer picture
emerges from Asia, we believe investors will continue to find fixed-income
investments attractive. The still strong and expanding economy would normally be
a cause for concern to inflation watchers. However, it is generally believed
that the Fed will refrain from taking any interest rate actions that could
exacerbate the Asian situation. We share this view. While the most recent
economic and employment data have been indicative of a strengthening economy,
inflation remains quiescent.
The fixed-income markets have now weathered the period of seasonal price
weakness that results from large debt issuance. Traditionally, as summer
approaches, the pressure from too much new-issue supply begins to abate. Given
this fact and the reasons cited above, we believe that the current environment
supports an outlook for steady monetary policy and well-anchored interest rates.
As long as inflation growth remains low, we don't anticipate the Fed reacting to
strong employment and economic data by raising rates. Instead, we believe that
the events in Asia, Russia and other emerging countries will be more
influential.
Portfolio Overview
The New York market clearly benefited from the record issuance that was
brought to market over the past six months. As supply increased, we were given
opportunities to enhance yield and quality. Issues that in the past would
command a premium to the general market, are now trading on national levels. An
ongoing problem for state-specific funds is finding investment diversity. The
issuance of $3 billion by the Long Island Power Authority provided the market
with a new name and the largest single issue of tax-exempt debt in history. The
success of such a large issue clearly indicates how much ongoing demand is in
the municipal market. We continue to look for opportunities that will enhance
the portfolio's yield, and when weakness in the market presents itself, we have
found value in the discount sector. The improvement in the New York State
economy has resulted in credit rating improvements for the State and its
appropriated debt, as well as for New York City. The portfolio has seen this
upgrade translated into higher prices for the numerous state and city issues
that it holds.
Included with this report are financial statements relating to your Fund's
holdings and its financial condition. We hope you find them informative.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 18, 1998
New York, N.Y.
*Total return includes reinvestment of dividends and any capital gains paid,
and does not take into consideration the maximum initial sales charge in the
case of Class A shares or the applicable contingent deferred sales charge
imposed on redemptions in the case of Class B and Class C shares. Income may be
subject to state and local income taxes for non-New York residents.
**Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized) , divided by the maximum
offering price per share at the end of the period in the case of Class A shares,
or the net asset value per share in the case of Class B and Class C shares,
adjusted for capital gain distributions. Some income may be subject to the
Federal Alternative Minimum Tax (AMT) for certain shareholders.
<TABLE>
<CAPTION>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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STATEMENT OF INVESTMENTS MAY 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments--98.6% Amount Value
- ------------------------------------------------------- ---------- -------
New York--91.0%
Albany Industrial Development Agency, Lease Revenue:
<S> <C> <C>
(New York State Assembly Building Project) 7.75%, 1/1/2010 $ 1,450,000 $ 1,579,050
(New York State Department of Health Building Project) 7.25%, 10/1/2010 1,425,000 1,614,995
Housing New York Corp., Local or Guaranteed Housing Revenue, Refunding
5.50%, 11/1/2010 2,650,000 2,742,830
Long Island Power Authority, Electric System General Revenue, Refunding
5.50%, 12/1/2029 5,110,000 5,168,356
Metropolitan Transportation Authority:
Commuter Facilities Revenue:
6.125%, 7/1/2014 (Insured; MBIA) (Prerefunded 7/1/2004) (a) 2,990,000 3,338,813
5.70%, 7/1/2017 (Insured; MBIA) 5,895,000 6,230,367
Transit Facilities Revenue:
6%, 7/1/2016 (Insured; FSA) 3,000,000 3,260,700
Refunding 5.375%, 7/1/2021 2,000,000 2,010,680
New York City:
5.875%, 8/15/2016 4,900,000 5,194,931
6%, 2/15/2020 4,500,000 4,762,035
6.625%, 8/1/2025 4,095,000 4,585,991
6.625%, 8/1/2025 (Prerefunded 8/1/2005) (a) 995,000 1,147,394
Refunding:
6.75%, 2/1/2009 3,000,000 3,482,490
5.25%, 8/1/2011 2,500,000 2,557,925
5.25%, 8/1/2017 2,165,000 2,157,054
6%, 8/1/2017 3,000,000 3,216,780
6%, 8/1/2021 4,000,000 4,298,160
5.875%, 8/1/2024 2,000,000 2,111,920
New York City Housing Development Corp., MFHR, Refunding 5.625%, 5/1/2012 1,500,000 1,559,475
New York City Industrial Development Agency:
Civic Facility Revenue:
Lease Revenue, (College of Aeronautics Project) 5.45%, 5/1/2018 1,000,000 1,002,560
(YMCA of Greater New York Project) 5.80%, 8/1/2016 1,000,000 1,050,990
Electric Power & Light, Revenue, Refunding (Brooklyn Navy Yard Cogen Partners)
5.65%, 10/1/2028 4,000,000 4,039,320
Special Facility Revenue:
(American Airlines Inc. Project) 6.90%, 8/1/2024 2,000,000 2,228,420
(Northwest Airlines Inc.) 6%, 6/1/2027 1,300,000 1,375,699
(Terminal One Group Association Project) 6%, 1/1/2019 3,000,000 3,168,000
(United Airlines Inc. Project) 5.65%, 10/1/2032 1,265,000 1,283,418
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue,
Refunding 6%, 6/15/2010 4,100,000 4,616,067
New York State Dormitory Authority, Revenues:
(Consolidated City University System):
5.75%, 7/1/2009 (Insured; AMBAC) 3,000,000 3,323,070
6.30%, 7/1/2024 (Insured; AMBAC) 500,000 555,070
</TABLE>
<TABLE>
<CAPTION>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ---------- -------
New York (continued)
New York State Dormitory Authority, Revenues (continued):
(Consolidated City University System) (continued):
Refunding:
<S> <C> <C> <C>
5.75%, 7/1/2007 (Insured; AMBAC) $ 3,150,000 $ 3,458,196
5.35%, 7/1/2009 (Insured; FGIC) 1,500,000 1,602,180
5.50%, 7/1/2016 (Insured; AMBAC) 2,200,000 2,287,978
5.625%, 7/1/2016 4,000,000 4,250,840
Health Hospital and Nursing Home:
(Department of Health) 5.75%, 7/1/2017 1,000,000 1,038,720
(Ideal Senior Living Center Housing Corp.) 5.90%, 8/1/2026 (Insured; MBIA; FHA) 1,000,000 1,060,840
(Municipal Health Facilities Improvement Program) 5.50%, 5/15/2024 (Insured; FSA) 1,000,000 1,029,340
Refunding (Wyckoff Heights Medical Center) 5.30%, 8/15/2021 2,400,000 2,402,904
State University Educational Facilities, Refunding:
5%, 5/15/2020 (Insured; MBIA) 2,500,000 2,457,425
5.875%, 5/15/2011 (Insured; FGIC) 5,000,000 5,609,300
5.50%, 5/15/2013 1,500,000 1,597,905
5.875%, 5/15/2017 2,000,000 2,210,140
New York State Energy Research and Development Authority, Electric Facilities
Revenue
(Consolidated Edison Co. Project) 7.125%, 12/1/2029 5,000,000 5,716,450
New York State Environmental Facilities Corp., PCR (Pilgrim State Sewer Project
6.30%, 3/15/2016 3,000,000 3,343,320
New York State Housing Finance Agency, Revenue:
Health Facilities, Refunding (New York City) 6%, 11/1/2007 4,000,000 4,370,880
Housing Project Mortgage, Refunding 6.10%, 11/1/2015 (Insured; FSA) 1,960,000 2,128,717
Service Contract Obligation:
6.25%, 9/15/2010 3,000,000 3,285,840
Refunding:
5.25%, 9/15/2011 2,000,000 2,042,200
5.50%, 9/15/2018 4,000,000 4,065,640
New York State Medical Care Facilities Finance Agency, Hospital and Nursing Hom
FHA Insured Mortgage Revenue:
6.05%, 2/15/2015 3,000,000 3,207,120
(Montefiore Medical Center) 5.75%, 2/15/2025 (Insured; AMBAC) 500,000 522,945
New York State Mortgage Agency, Homeownership Mortgage Revenue:
8.05%, 4/1/2022 145,000 153,285
Refunding 6%, 4/1/2017 2,000,000 2,134,560
New York State Thruway Authority, Service Contract Revenue (Local Highway and
Bridge):
5.75%, 4/1/2016 3,000,000 3,118,560
Refunding 6%, 4/1/2011 5,000,000 5,478,250
New York State Urban Development Corp., Revenue, Correctional Capital
Facilities:
6.10%, 1/1/2011 4,000,000 4,309,000
5.375%, 1/1/2015 2,850,000 2,882,860
5.70%, 1/1/2016 9,350,000 9,695,670
Refunding 6.50%, 1/1/2011 (Insured; FSA) 3,190,000 3,739,095
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1998 (UNAUDITED)
Principal
Long-Term Municipal Investments (continued) Amount Value
- ------------------------------------------------------- ---------- -------
New York (continued)
Port Authority of New York and New Jersey, Special Obligation Revenue
(JFK International Air Terminal) 5.75%, 12/1/2025 (Insured; MBIA) $ 4,025,000 $ 4,207,775
Rensselaer County Industrial Development Agency, IDR (Albany International
Corp.)
7.55%, 6/1/2007 (LOC; Norstar Bank) (b) 1,500,000 1,801,065
Triborough Bridge and Tunnel Authority:
Refunding:
Highway and Toll Revenue:
6%, 1/1/2012 2,000,000 2,256,700
6.125%, 1/1/2021 2,000,000 2,332,080
Lease Revenue (Convention Center Project) 7.25%, 1/1/2010 1,000,000 1,184,390
Special Obligation 6.25%, 1/1/2012 (Insured; AMBAC) 4,000,000 4,298,480
United Nations Development Corp., Revenue, Refunding 5.50%, 7/1/2017 1,865,000 1,870,166
Yonkers 5.50%, 9/1/2012 (Insured; FGIC) 1,235,000 1,305,000
Yonkers Industrial Development Agency, Civic Facility Revenue
(Saint Joseph's Hospital) 5.90%, 3/1/2008 1,700,000 1,708,296
U.S. Related--7.6%
Guam Airport Authority, Airport Revenue 6.70%, 10/1/2023 2,000,000 2,194,080
Commonwealth of Puerto Rico:
6%, 7/1/2026 (Prerefunded 7/1/2007) (a) 5,000,000 5,686,650
Refunding 5.50%, 7/1/2011 1,500,000 1,601,850
Puerto Rico Industrial Medical Educational and Environmental Pollution Control
Facilities Financing Authority, HR, Refunding (Saint Luke's Hospital Project)
6.25%, 6/1/2010 1,100,000 1,182,368
Puerto Rico Public Buildings Authority, Revenue,
Public Education and Health Facilities, Refunding
5.70%, 7/1/2009 (Guaranteed; Commonwealth of Puerto Rico) 2,235,000 2,423,321
Virgin Islands Public Finance Authority, Revenue, Refunding 5.50%, 10/1/2014 3,000,000 3,064,530
_____________
TOTAL LONG-TERM MUNICIPAL INVESTMENTS
(cost $195,472,287) $209,979,471
=============
Short-Term Municipal Investment--1.4%
- -------------------------------------------------------
New York;
New York State Energy Research and Development Authority, PCR, Refunding, VRDN
(New York Electric and Gas Co.) 3.85% (LOC; Union Bank of Switzerland) (b,c)
(cost $3,000,000) $ 3,000,000 $ 3,000,000
=============
TOTAL INVESTMENTS--100.0%
(cost $198,472,287) . $212,979,471
=============
</TABLE>
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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Summary of Abbreviations
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
FGIC Financial Guaranty Insurance Company MBIA Municipal Bond Investors Assurance
FHA Federal Housing Administration Insurance Corporation
FSA Financial Security Assurance MFHR Multi-Family Housing Revenue
HR Hospital Revenue PCR Pollution Control Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
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</TABLE>
<TABLE>
<CAPTION>
Fitch (d) or Moody's or Standard & Poor's Percentage of Value
_______ ________ _________________ ___________________
<S> <C> <C> <C>
AAA Aaa AAA 26.3%
AA Aa AA 5.7
A A A 36.1
BBB Baa BBB 27.6
BB Ba BB .6
F1 Mig1 SP1 1.4
Not Rated (e) Not Rated (e) Not Rated (e) 2.3
_______
100.0%
=======
</TABLE>
Notes to Statement of Investments:
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(a) Bonds which are prerefunded are collateralized by U.S.
Government securities which are held in escrow and are used to pay
principal and interest on the municipal issue and to retire the
bonds in full at the earliest refunding date.
(b) Secured by letters of credit.
(c) Securities payable on demand. The interest rate, which is subject
to change, is based upon bank prime rates or an index of market interest
rates.
(d) Fitch currently provides creditworthiness information for a limited
number of investments.
(e) Securities which, while not rated by Fitch, Moody's and Standard &
Poor's have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1998 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $198,472,287 $212,979,471
Cash 825,422
Interest receivable 3,687,654
Receivable for shares of Beneficial Interest subscribed 196,030
Prepaid expenses 11,846
_____________
217,700,423
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 98,448
Due to Distributor 79,128
Payable for investment securities purchased 4,545,017
Payable for shares of Beneficial Interest redeemed 347,275
Accrued expenses 61,441
_____________
5,131,309
_____________
NET ASSETS $212,569,114
=============
REPRESENTED BY: Paid-in capital $196,840,239
Accumulated net realized gain (loss) on investments 1,221,691
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 14,507,184
_____________
NET ASSETS $212,569,114
=============
</TABLE>
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
_____________________________
Class A Class B Class C
_____________ _____________ _____________
<S> <C> <C> <C>
Net Assets $131,495,249 $80,634,176 $439,689
Shares Outstanding 8,641,128 5,297,697 28,890
NET ASSET VALUE PER SHARE $15.22 $15.22 $15.22
======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income $5,782,560
EXPENSES: Management fee--Note 3(a) $ 579,471
Shareholder servicing costs--Note 3(c) 331,742
Distribution fees--Note 3(b) 203,331
Professional fees 29,492
Registration fees 11,627
Custodian fees 10,762
Prospectus and shareholders' reports 7,575
Trustees' fees and expenses--Note 3(d) 7,091
Loan commitment fees--Note 2 1,330
Miscellaneous 12,246
___________
Total Expenses 1,194,667
___________
INVESTMENT INCOME--NET 4,587,893
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments $1,244,114
Net unrealized appreciation (depreciation) on investments 2,072,606
___________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 3,316,720
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $7,904,613
===========
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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STATEMENT OF CHANGES IN NET ASSETS
<S> <C> <C>
Six Months Ended Year Ended
May 31, 1998 November 30,
(Unaudited) 1997
________________ ________________
________________
__
OPERATIONS:
Investment income--net $ 4,587,893 $ 9,612,489
Net realized gain (loss) on investments 1,244,114 3,300,843
Net unrealized appreciation (depreciation) on investments 2,072,606 1,895,811
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations 7,904,613 14,809,143
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares (2,947,932) (6,295,888)
Class B shares (1,635,415) (3,305,195)
Class C shares (4,546) (11,406)
Net realized gain on investments:
Class A shares (2,048,335) (589,099)
Class B shares (1,272,846) (311,285)
Class C shares (1,346) (2,253)
_____________ _____________
Total Dividends (7,910,420) (10,515,126)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares 8,348,362 7,608,273
Class B shares 5,251,804 7,753,909
Class C shares 358,143 40,520
Dividends reinvested:
Class A shares 3,427,028 4,814,789
Class B shares 2,241,335 2,697,892
Class C shares 3,286 3,651
Cost of shares redeemed:
Class A shares (9,095,151) (25,958,621)
Class B shares (6,989,427) (13,048,898)
Class C shares (10,000) (526,877)
Net assets received in connection with reorganization--Note 1 -- 14,070,924
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions 3,535,380 (2,544,438)
_____________ _____________
Total Increase (Decrease) in Net Assets 3,529,573 1,749,579
NET ASSETS:
Beginning of Period 209,039,541 207,289,962
_____________ _____________
End of Period $212,569,114 $209,039,541
============= =============
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Shares
____________________________________
Six Months Ended
May 31, 1998 Year Ended
(Unaudited) November 30, 1997
________________ ________________
__
CAPITAL SHARE TRANSACTIONS:
Class A
________
Shares sold 550,438 515,255
Shares issued in connection with reorganization--Note 1 -- 308,412
Shares issued for dividends reinvested 226,575 324,141
Shares redeemed (598,818) (1,748,284)
___________ ___________
Net Increase (Decrease) in Shares Outstanding 178,195 (600,476)
=========== ===========
Class B
________
Shares sold 345,881 523,936
Shares issued in connection with reorganization--Note 1 -- 658,559
Shares issued for dividends reinvested 148,154 181,383
Shares redeemed (460,533) (877,393)
___________ ___________
Net Increase (Decrease) in Shares Outstanding 33,502 486,485
=========== ===========
Class C
________
Shares sold 23,610 2,717
Shares issued in connection with reorganization--Note 1 -- 6,355
Shares issued for dividends reinvested 217 247
Shares redeemed (656) (36,061)
___________ ___________
Net Increase (Decrease) in Shares Outstanding 23,171 (26,742)
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
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FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
Class A Shares
_____________________________________________________________________
__________________
Six Months Ended
May 31, 1998 Year Ended November 30,
_______________________________________________________
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
__________ ______ ______ ______ ______ ______
Net asset value, beginning of period $15.22 $14.94 $14.93 $13.01 $14.97 $13.97
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net .34 .71 .73 .75 .75 .80
Net realized and unrealized gain (loss)
on investments .24 .35 .01 1.92 (1.86) 1.00
______ ______ ______ ______ ______ ______
Total from Investment Operations .58 1.06 .74 2.67 (1.11) 1.80
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.34) (.71) (.73) (.75) (.75) (.80)
Dividends from net realized gain on investments (.24) (.07) -- -- (.10) --
______ ______ ______ ______ ______ ______
Total Distributions (.58) (.78) (.73) (.75) (.85) (.80)
______ ______ ______ ______ ______ ______
Net asset value, end of period $15.22 $15.22 $14.94 $14.93 $13.01 $14.97
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN(1) 7.90%(2) 7.31% 5.17% 20.93% (7.76%) 13.16%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .94%(2) .92% .92% .94% .89% .78%
Ratio of net investment income
to average net assets 4.55%(2) 4.78% 4.99% 5.27% 5.25% 5.41%
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- -- -- .04% .18%
Portfolio Turnover Rate 23.93%(3) 74.84% 53.74% 74.11% 31.76% 19.55%
Net Assets, end of period (000's Omitted) $131,495 $128,811 $135,413 $146,207 $137,978 $164,046
- -----------------------------
</TABLE>
(1) Exclusive of sales load.
(2) Annualized.
(3) Not annualized.
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
Class B Shares
_____________________________________________________________________
Six Months Ended
May 31, 1998 Year Ended November 30,
___________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993(1)
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $15.22 $14.94 $14.93 $13.02 $14.97 $14.04
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net .31 .63 .65 .67 .67 .62
Net realized and unrealized gain (loss)
on investments .24 .35 .01 1.91 (1.85) .93
______ ______ ______ ______ ______ ______
Total from Investment Operations .55 .98 .66 2.58 (1.18) 1.55
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.31) (.63) (.65) (.67) (.67) (.62)
Dividends from net realized gain on investments (.24) (.07) -- -- (.10) --
______ ______ ______ ______ ______ ______
Total Distributions (.55) (.70) (.65) (.67) (.77) (.62)
______ ______ ______ ______ ______ ______
Net asset value, end of period $15.22 $15.22 $14.94 $14.93 $13.02 $14.97
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN(2) 7.36%(3) 6.77% 4.61% 20.20% (8.20%) 12.78%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.45%(3) 1.44% 1.44% 1.46% 1.44% 1.34%(3)
Ratio of net investment income
to average net assets 4.04%(3) 4.26% 4.45% 4.72% 4.70% 4.41%(3)
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- -- -- .04% .16%(3)
Portfolio Turnover Rate 23.93%(4) 74.84% 53.74% 74.11% 31.76% 19.55%
Net Assets, end of period (000's Omitted) $80,634 $80,142 $71,392 $66,873 $52,970 $45,101
- -----------------------------
</TABLE>
(1) From January 15, 1993 (commencement of initial offering)
to November 30, 1993.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
Class C Shares
_______________________________________________
Six Months Ended
May 31, 1998 Year Ended November 30,
___________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995(1)
________________ _______ _______ _______
<S> <C> <C> <C> <C>
Net asset value, beginning of period $15.23 $14.95 $14.93 $14.61
______ ______ ______ ______
Investment Operations:
Investment income--net .29 .60 .62 .14
Net realized and unrealized gain (loss)
on investments .23 .35 .02 .32
______ ______ ______ ______
Total from Investment Operations .52 .95 .64 .46
______ ______ ______ ______
Distributions:
Dividends from investment income--net (.29) (.60) (.62) (.14)
Dividends from net realized gain on investments (.24) (.07) -- --
______ ______ ______ ______
Total Distributions (.53) (.67) (.62) (.14)
______ ______ ______ ______
Net asset value, end of period $15.22 $15.23 $14.95 $14.93
====== ====== ====== ======
TOTAL INVESTMENT RETURN(2) 6.98%(3) 6.50% 4.43% 14.19%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.63%(3) 1.69% 1.59% 1.74%(3)
Ratio of net investment income to average net assets 3.65%(3) 4.08% 3.98% 4.00%(3)
Portfolio Turnover Rate 23.93%(4) 74.84% 53.74% 74.11%
Net Assets, end of period (000's Omitted) $440 $87 $485 $1
- -----------------------------
</TABLE>
(1) From September 11, 1995 (commencement of initial offering) to
November 30, 1995.
(2) Exclusive of sales load.
(3) Annualized.
(4) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Premier New York Municipal Bond Fund (the "Fund") is registered under
the Investment Company Act of 1940 (" Act" ) as a non-diversified open-end
management investment company. The Fund's investment objective is to maximize
current income exempt from Federal, New York State and New York City income
taxes to the extent consistent with the preservation of capital. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager is
a direct subsidiary of Mellon Bank, N.A.
On October 31, 1996, the Fund' s Board of Trustees approved, subject to
approval by the shareholders of the New York Series of the Dreyfus Premier
Insured Municipal Bond Fund ("DPIMBF-New York Series"), an Agreement and Plan of
Reorganization providing for the transfer of all or substantially all of the
DPIMBF-New York Series' assets and liabilities to the Fund in a tax free
exchange for shares of beneficial interest of the Fund at net asset value and
the assumption of stated liabilities (the "Exchange"). The Exchange was approved
by the shareholders of DPIMBF-New York Series on March 25, 1997, and was
consummated after the close of business on April 1, 1997 at which time 350,532
Class A shares valued at $12.71 per share, 748,013 Class B shares valued at
$12.73 per share, and 7,218 Class C shares valued at $12.73 per share,
representing combined net assets of $14,070,924 (including $27,912 net
unrealized appreciation on investments) were exchanged by DPIMBF-New York Series
for the respective number of Class A, Class B and Class C shares of the Fund.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor of
the Fund's shares. The Fund is authorized to issue an unlimited number of $.001
par value shares in the following classes of shares: Class A, Class B and Class
C. Class A shares are subject to a sales charge imposed at the time of purchase
and Class B shares are subject to a contingent deferred sales charge ("CDSC")
imposed on Class B share redemptions made within six years of purchase (five
years for shareholders beneficially owning Class B shares on November 30, 1996)
and Class C shares are subject to a CDSC imposed on Class C redeemed within one
year of purchase. Other differences between the classes include the services
offered to and the expenses borne by each class and certain voting rights.
The Fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from these estimates.
(A) PORTFOLIO VALUATION: Investments in securities (excluding options and
financial futures on municipal and U.S. treasury securities) are valued each
business day by an independent pricing service ("Service") approved by the Board
of Trustees. Investments for which quoted bid prices are readily available and
are representative of the bid side of the market in the judgment of the Service
are valued at the mean between the quoted bid prices (as obtained by the Service
from dealers in such securities) and asked prices (as calculated by the Service
based upon its evaluation of the market for such securities). Other investments
(which constitute a majority of the portfolio securities) are carried at fair
value as determined by the Service, based on methods which include consideration
of: yields or prices of municipal securities of comparable quality, coupon,
maturity and type; indications as to values from dealers; and general market
conditions. Options and financial futures on municipal and U.S. treasury
securities are valued at the last sales price on the securities exchange on
which such securities are primarily traded or at the last sales price on the
national securities market on each business day. Investments not listed on an
exchange or the national securities market, or securities for which there were
no transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of premiums and original issue discounts on
investments, is earned from settlement date and recognized the accrual basis.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date. Under the terms of the custodian
agreement, the Fund receives net earnings credits based on available cash
balances left on deposit.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue Code. To the extent
that net realized capital gain can be offset by capital loss carryovers, if any,
it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to qualify
as a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Internal Revenue Code, and to
make distributions of income and net realized capital gain sufficient to relieve
it from substantially all Federal income and excise taxes.
NOTE 2--BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility (" Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended May
31, 1998, the Fund did not borrow under the Facility.
NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of
. 55 of 1% of the value of the Fund's average daily net assets and is payable
monthly.
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager,
retained $2,677 during the period ended May 31, 1998 from commissions earned on
sales of the Fund's shares.
(B) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act,
the Fund pays the Distributor for distributing the Fund's Class B and Class C
shares at an annual rate of .50 of 1% of the value of the average daily net
assets of Class B shares and .75 of 1% of the value of the average daily net
assets of Class C shares. During the period ended May 31, 1998, Class B and
Class C shares were charged $202,398 and $933, respectively, pursuant to the
Distribution Plan.
(C) Under the Shareholder Services Plan, Class A, Class B and Class C shares
pay the Distributor at an annual rate of
. 25 of 1% of the value of their average daily net assets for the provision of
certain services. The services provided may include personal services relating
to shareholder accounts, such as answering shareholder inquiries regarding the
Series and providing reports and other information, and services related to the
maintenance of shareholder accounts. The Distributor may make payments to
Service Agents (a securities dealer, financial institution or other industry
professional) in respect of these services. The Distributor determines the
amounts to be paid to Service Agents. During the period ended May 31, 1998,
Class A, Class B and Class C shares were charged $161,886, $101,199 and $311,
respectively, pursuant to the Shareholder Services Plan.
DREYFUS PREMIER NEW YORK MUNICIPAL BOND FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the period
ended May 31, 1998, the Fund was charged $52,581 pursuant to the transfer agency
agreement.
(D) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended May 31, 1998, amounted
to $50,740,800 and $49,488,739 respectively.
At May 31, 1998, accumulated net unrealized appreciation on investments was
$14,507,184, consisting of $14,563,268 gross unrealized appreciation and $56,084
gross unrealized depreciation.
At May 31, 1998, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
